Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Solana Price (SOL) Targets Upside Breakout: Will It Reach New Monthly Highs?

Source Newsbtc

Solana started a steady increase above the $155 zone. SOL price is signaling a decent increase above the $162 and $165 resistance levels.

SOL price started a decent upward move above the $155 resistance against the US Dollar.
The price is now trading above $158 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could aim for more upsides if it clears the $162.50 resistance level.

Solana Price Remains In Uptrend

Solana price remained in a positive zone above $145 and extended its increase above $150. SOL is forming a base and eyeing more upsides, whereas Bitcoin and Ethereum are correcting gains.

There was a move above the $158 level. The price surpassed the 50% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low. There is also a key bullish trend line forming with support at $159 on the hourly chart of the SOL/USD pair.

Solana is now trading above the $158 level and the 100-hourly simple moving average. On the upside, the price might face resistance near the $162.50 level. It is close to the 76.4% Fib retracement level of the recent decline from the $164.90 swing high to the $154.85 low.

The next major resistance is near the $165 level. A successful close above the $165 resistance could set the pace for another steady increase. The next key resistance is near $172. Any more gains might send the price toward the $180 level.

Are Dips Supported in SOL?

If SOL fails to rise above the $162.50 resistance, it could start a downside correction. Initial support on the downside is near the $160 level. The first major support is near the $158 level and the trend line.

A break below the $158 level might send the price toward $155. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $158 and $155.

Major Resistance Levels – $162.50 and $165.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hike A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Author Irene Q.

Oct 22, Thu

A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Big Tech's $800 billion AI bill faces its first real test — free cash flow is the judge Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.

Author Irene Q.

Oct 26, Mon

Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.

Tesla jumps 5% as Barclays puts a $450 target on the SpaceX merger — the chart was already pointing to 431 Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.

Author Irene Q.

Yesterday 05: 30

Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.

Anthropic files for a $2 trillion IPO — the $80.7 billion loss is the decoy, the $450 billion compute bill is the risk Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Author Irene Q.

Yesterday 06: 02

Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Fed October Rate Decision Preview: Rate Hike Pause Has Become Consensus, How Will US Stocks, Dollar, and Gold React?The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Author TradingKey

Yesterday 10: 21

The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Popular Symbols